Just a reminder from The Street: Major Break-Out Trade
Insmed (INSM) is a development-stage biopharmaceutical company. The company develops inhaled treatments for serious lung infections. This stock closed up 8.5% at $13.57 in Friday's trading session.
Friday's Volume: 1.38 million
Three-Month Average Volume: 641,944
Volume % Change: 200%
From a technical perspective, INSM soared higher here and broke out above some near-term overhead resistance at $13.45 with strong upside volume. This move is quickly pushing shares of INSM within range of triggering a major breakout trade. That trade will hit if INSM manages to take out its 52-week high at $14.30 with high volume.
Traders should now look for long-biased trades in INSM as long as it's trending above some near-term support at $12 and then once it sustains a move or close above its 52-week high at $14.30 with volume that's near or above 641,944 shares. If that breakout triggers soon, then INSM will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $17 to $20